Doctors Medical Center gets $8M line of credit

Doctors Medical Center, the perpetually cash strapped safety net hospital in San Pablo, has garnered an $8 million revolving line of credit from Gemino Healthcare Finance, the finance company said.

Gemino, in a Jan. 19 press release, said the hospital will use the funds for "working capital purposes."

"This financing provides the hospital access to cash necessary to bridge to full implementation to our turnaround plan,” said Dawn Gideon, interim president and CEO. “With Gemino’s support this safety net hospital will continue its service to the community without interruption.

Gemino, based in Philadelphia, provides senior loans to health care providers throughout the nation, typically in the range of $2 million to $20 million. It has offices in Atlanta, Dallas, Los Angeles and New York City.

For more on Doctors Medical Center's recent financial woes, and attempts to ease them, click here.